We all know that most of the offline businesses have been shut down due to Covid-19. And this has also given ways to rise of many new multi-vendor marketplace platforms into the field. So e-commerce has become a necessity for any business to survive in this pandemic period.
What is a Multi-Vendor marketplace
A multi-vendor marketplace platform will give separate space for each seller to display their products on its platform. Here the admin will take care of order processing, payments, and tracking. Inventory maintenance is completely under the vendor’s scope. The major aspect that every admin of the multi-vendor marketplace platform should take is to monitor whether the platform is smoothly functioning and it meets the business demands effectively.
Most Suitable Business Models for E-Commerce Marketplaces
Every multi vendor marketplace platform needs to follow any particular business model. There are several business models and the owner of the multi-vendor marketplace platform should check which business model suits his business. The common business models are
B2B (Business to Business) – considering yourself as a business and if the person who gets your product also runs a business then it is considered to be B2B. This business model is very stable and also easily predictable. When you sell a product to another business they may purchase in bulk count that will give you more profit.
B2C (Business to Customers) – if you sell the product to the end-users then your business type is considered to be B2C. This is a cost-effective business model. Though you may not get bulk orders the number of individual orders will be high.
Features of Multi-Vendor marketplace over an e-commerce store
Responsive design – the multi-vendor marketplace platform should have a design considering the mobile-first approach. The UI/ UX should be more user-friendly so that you can attract and retain more visitors.
Order management – the real earning lies when order is properly processed. If there is any confusion then the customer can get irritated with your platform and you may lose your customer.
Product management – although the vendors will add their products along with their description, the admin of the platform needs to monitor and review all products. There are cases where the vendors can add banned products to your multi-vendor marketplace platform. In this case, you need to reject those products immediately to protect your platform from the violation of the law.
Content management system – this feature allows the admin of the multi-vendor marketplace platform to manage the content without requiring any technical knowledge.
Scalability – the multi-vendor marketplace platform should be more scalable to withstand the sudden burst of traffic to the website. As the business expands, the platform should keep supporting its operations.
Reports & statistics – you need to monitor the performance of your multi-vendor marketplace platform for which you need to have proper reports and statistics about each transaction that happens within the platform.
Automated tasking – to have hassle-free marketplace management, the platform should support automation of processes like tax calculations, commission calculations, sorting products, and many more. This will lessen the admin work who can concentrate more on promoting the multi-vendor marketplace platform
How to grow your business with a multi-vendor marketplace model?
The main reason for entering an online market is to grow the business and to earn more profit. We need to analyze how we can grow our business with a multi-vendor marketplace platform and should fine-tune the opportunities and earn more out of it.
Base expansion – when we say multi-vendor marketplace we mean that we will have several vendors in our platform. When you keep increasing the vendors’ count, the number of products displayed will also be high. This will increase the traffic of your website and as a result, you will get more conversions.
Deeper market penetration – since you will have a good rapport with all sellers, you can find easy ways of delivering the products. You can easily penetrate the market with your contacts and get things done faster. This will cut short your unwanted expenses.
Cost-cutting – when you run a single-vendor marketplace platform you will need to take care of the inventory, product updates, and everything but since you have shifted to a multi-vendor marketplace platform, you can transfer those responsibilities to the vendors and you may not need to spend on these things.
Efficiency – a multi-vendor marketplace platform is not a single man show. It involves various people and when they all work together they will prove their efficiency in doing things. The order process is carried out in a faster and efficient way and you may not worry about anything.
Customer satisfaction – with proper order management and perfect product delivery you can gain customer satisfaction. When your customers are satisfied you can easily retain them. And also through word of mouth you can acquire more new customers. This is how a multi-vendor marketplace platform helps you to grow your business effectively.
Why Choose Zielcommerce Multi-Vendor eCommerce Marketplace Platform
Zielcommerce, a notable multi vendor marketplace software, can understand your business needs and can support you in building your dream and will make it stand alone in the digital market. This multi-vendor marketplace software is mindfully developed with a team of experts who have the greater market knowledge and working experience with all advanced technologies.
Zielcommerce is widely chosen by aspiring entrepreneurs who have gained a lot of guidance from our technical team. Since they are in their budding stage, the support given by our team is most needed for them. After serious analysis, we have built the multi-vendor marketplace software with all essential features that are highly required to run the platform successfully.
The key features include
- Enriched UI/ UX
- SEO optimized
- Easy customization
- Perfectly scalable
- Multi-currency and multi-language support
- Secured payment gateways integration and many more
Be confident with your multi vendor marketplace platform and promote your platform among your target audience. Have a clear marketing strategy that can get you greater reach and returns and make you successful.